Archer Limited: Archer supports the planned merger between Quintana Energy Services Inc. and KLX Energy Services Holdings Inc.

Hamilton Bermuda (May 4, 2020)

Reference is made to the announcement on May 3, 2020, by Quintana Energy Services Inc. (“QES”), whereby QES outlined its plan to merge with the Nasdaq listed U.S. onshore oilfield services company KLX Energy Services Holdings Inc. (“KLXE”) in an all-stock transaction (the “Transaction”). KLXE and QES plan to combine their services, establishing an industry-leading provider of asset-light oilfield solutions across the full well lifecycle including drilling, completing and production related products and services.

Archer currently owns approximately 28.1% of the shares in the NYSE listed oilfield service company QES.  Archer believes the Transaction will create value for all stakeholders and has entered into a voting- and support agreement in favor of the Transaction.  Following a successful closing of the Transaction, Archer will own approximately 11.5% of the combined company. The closing of the merger is conditioned, amongst other, by shareholder approval in both QES and KLXE. 

For further information about QES, KLXE and the Transaction please see details on KLXE or QES websites:

https://investor.klxenergy.com/ and https://ir.quintanaenergyservices.com/.

Enquiries related to the transaction should be directed directly to QES or KLXE.

This information is subject to the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act.